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Headquartered in San Jose, California, NetApp, Inc. (NTAP) is a leading provider of data management and storage solutions dedicated to helping businesses manage and protect their data. With a market cap of $25.96 billion, NetApp offers a wide range of products, including storage systems, software, and cloud services. The company operates globally, delivering innovative solutions that enable organizations to enhance their data infrastructure, optimize performance, and drive digital transformation. NetApp is set to announce its fiscal Q1 earnings results on Wednesday, Aug. 28.
Ahead of the event, analysts expect NTAP to report a profit of $1.15 per share, up 36.9% from $0.84 per share in the year-ago quarter. In the last four quarters, the company has surpassed Wall Street’s bottom-line estimates in three and missed on another occasion.
NetApp's adjusted earnings of $1.43 per share for the last quarter missed the consensus estimate by 3.4%. All-flash array revenue, record margins, and strong Hybrid Cloud segment revenue drove the company's performance.
For fiscal 2024, analysts expect NTAP to report EPS of $5.47, up 8.1% from $5.06 in fiscal 2023.
NTAP’s stock has gained 43.1% on a YTD basis, outperforming the broader S&P 500 Index's ($SPX) 14.5% gains and the Technology Select Sector SPDR Fund’s (XLK) 13.3% returns over the same time frame.
NTAP reported Q4 earnings on May 30. Revenue of $1.67 billion exceeded analysts' forecast of $1.66 billion. The company expects revenue in the range of $1.46 billion to $1.61 billion for the fiscal first quarter. Following the release of these results, the stock gained 3.4% in the next trading session.
The consensus opinion on NTAP stock is optimistic, with an overall “Moderate Buy” rating. Out of the 18 analysts covering the stock, five advise a “Strong Buy” rating, 12 suggest a “Hold,” and one recommends a “Moderate Sell.”
This configuration is more bullish than three months ago when the stock had an overall “Hold” rating. NTAP’s average analyst price target is $124.73, which indicates that the stock trades at a premium.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
